European ABCP continues to assume a more significant role within the evolution of the European securitization market. The European ABCP market showed solid performance so far this year, and the latest figures from Standard & Poor's show a 40% increase in year-on-year figures for June 2002.

The increase is surprising because market analysts have often considered the market ailed by a liquidity drought. Not only does this increase mean that liquidity is there to be had, but the consensus behind this new activity is that it was "fairly" easy to obtain these new lines of liquidity. What this continued surge in activity means is that new banks are securitizing their own portfolios instead of tapping the market through borrowed conduits.

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